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Are you struggling to get your young business off the ground? Feel like you’ve tried everything but you’re still stalling? Is your business growing, but not as fast as you need it to? Here are four things you must do to grow your small business and increase your return on investment in the long-term.
Free Up More Money by Getting Your Personal Finances in Order
What do my personal finances have to do with my business, you might wonder. Well, it’s simple, when your finances are in order, it frees up more money that you can invest in your business. One great way of doing this is to take out low APR personal loans from private lenders to pay for any large expenses you have.
You can then pay off this loan in your own time and prevent your business from stalling due to your personal financial situation. You might also want to consider budgeting, starting a savings account, making some small investments, or any other changes that will free up more capital for your business. Making these small changes are investments that will definitely pay off.
Get on Social Media
Word of mouth or traditional advertising will only get you so far. Exposure counts for everything, and right now that’s especially true when it comes to the digital world. Everyone is online, and there is huge potential in the social media landscape to find more customers.
Not only will it help a lot of people find your business when they’re looking for the service or product you provide, but being on social media will allow you to organically show up in the feeds of thousands or even millions of potential customers. Identify the social media platforms which are most applicable to your business and where you’re most likely to find your target audience, then set up some accounts and spend time planning and creating your content. Be sure to track your progress and identify the areas that are over and underperforming in order to grow your small business.
Focus on Customer Service
When you’re just getting off the ground, it sometimes doesn’t matter how good your products are and how much marketing you do. Something you really need to put your energy into at this stage is giving every customer the best experience possible. This will get you reviews to put on your website, which will make you appear more trustworthy and reliable to new customers.
A customer that feels noticed and appreciated and has their individual needs looked after is a customer that will keep coming back. There will be a lot of competition out there offering the same products you do at the same – or sometimes even less – prices, so you need to use every opportunity you get to give yourself an edge. Resolve the problems of your customers efficiently, answer their questions quickly, personalize the emails you send to them, and make it as easy as possible for them to contact you when they need to. You might even consider offering discount vouchers to previous customers to make them want to re-purchase.
Work on Professional Development
You might have hired staff or it may still be a one man/woman operation; either way, no matter how many employees you have, it’s essential that they’re all performing their best. Invest in team-building exercises and suitable courses to develop the essential skills that are needed to succeed. Even if you’ve picked the best candidates you could find, there’s always room for improvement through more training and education.
Additionally, make sure everyone feels heard and has something to contribute to. Give your team members incentives to work hard and make the working environment a space where everyone feels comfortable, valued and appreciated. Happy employees are high-performing employees, who provide better customer service and produce a better product/service. Your business is more than what it sells; it’s also the people that are involved so treat everyone with respect.
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